Net profit improved 28% to S$1,914 million, compared to FY 2011's S$1,491 million.
Earnings per Share of 106.8 cents, up 27% from FY 2011's 83.8 cents.
Return on Equity remains healthy at 22.6%.
Economic Value Added increased from S$1,024 million to S$1,375 million.
Cash outflow of S$63 million.
Net gearing of 0.23x.
Total distribution increased to 72.4 cents per share, comprising:
• Interim dividend of 18.0 cents per share
• Proposed final dividend of 27.0 cents per share
• Proposed dividend in specie of Keppel REIT units equivalent to 27.4 cents
SINGAPORE: Falling margins from building oil rigs has hit the bottomline of Keppel Corp.
Net profit for the world's leading rig builder fell 22 per cent on-year to S$305 million in the fourth quarter last year.
Still, full year profit for the conglomerate came in 15 per cent to S$2.24 billion.
Despite lower net profit in the three months ended Dec 31, Keppel Corp still declared a final dividend of 27 cents per share.
As part of its 45th anniversary, Keppel Corp is handing out more goodies to its shareholders.
The company has proposed to distribute one Keppel REIT unit for every five Keppel Corp shares.
That is about 27.4 cents per share based on Keppel REIT's closing price of S$1.37 on Thursday.
Together with the interim dividend of 18 cents, total distribution for 2012 will be 72.4 cents per share.
Keppel Corp said the lower net profit was partly due to lower contributions from its offshore and marine unit.
and Marine's contribution was 12 per cent lower from a higher base in
2011 when margins were at record highs. It contributes to half of Keppel
Corp's net profits.
"Keen rivalry from Chinese and Korean yards
have suppressed prices and squeezed margins on newbuilds," said Choo
Chiau Beng, chief executive officer at Keppel Corp. "In 2013, we will be
completing a record of 22 newbuild units."
Analysts remained upbeat of Keppel's prospects going forward.
They say their financial results still outperformed market expectations.
Corp expects crude oil prices to stay above US$100 per barrel,
supporting the need for more global exploration and production.
global challenges like the slower US economy and the eurozone crisis
from last year will continue to pose uncertainties for Keppel Corp's
Keppel Corp's property arm, led by the listed Keppel Land, boosted the group's earnings.
profit for the property division was 2.5 times higher than in 2011,
offsetting the lower earnings from business in the offshore and marine,
But Keppel Corp does not expect its property arm to perform better this year.
is because recognition from sales of completed units at its development
Reflections at Keppel Bay is expected to be lower this financial year.
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